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of <h1>Capital gains taxed only if profitable; Appellate Tribunal to offset gains with business losses.</h1> The High Court of Madras held that capital gains are taxable only if they yield a net profit after offsetting other losses. The Appellate Tribunal was ... Assessee disclosed in return made by him a loss which absorbed the capital gains - Whether on the facts and in the circumstances of the case, the capital gains is liable to capital gains tax - Held, no - Whether capital gains can be set off against loss incurred under any other head of income - Held, yes The High Court of Madras ruled that capital gains are liable to tax only if they result in a net profit after considering other losses. The Appellate Tribunal should have set off the capital gains against business losses. The Commissioner succeeded in Tax Case No. 57 of 1967, while the assessee succeeded in Tax Case No. 127 of 1965.
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